Investment Banking - Essential Utilities, Inc.

Transactions | Water/Infrastructure/Environmental

Client: Essential Utilities, Inc.
Industry: Water/Infrastructure/Environmental
Transaction Type: Senior Notes
Role: Co-Manager

Essential Utilities, Inc. Completes Senior Notes Underwriting

  • Essential Utilities, Inc., formerly known as Aqua America, Inc. (NYSE: WTRG) (the “Company”), is a Pennsylvania corporation and the holding company for regulated utilities providing water, wastewater, and natural gas distribution services to an estimated five million people in 10 states under the Aqua and Peoples brands.
  • Founded in 1968, the Company is headquartered in Bryn Mawr, PA and is a leader in providing water, wastewater, and natural gas. It is among the largest publicly traded water utilities and natural gas local distribution companies in the U.S.
  • The Company’s largest operating subsidiary is Aqua Pennsylvania, Inc., which accounted for approximately 55% of the Company’s regulated water segment’s operating revenues and approximately 67% of the Company’s regulated water segment’s income for 2020.
  • On April 15, 2021, the Company announced the completion of an underwritten registered public offering (the “Offering”) of $400 million of its 2.4% Senior Notes due 2031.
  • The Company intends to use the net proceeds from the Offering to repay borrowings under two separate revolving credit facilities as well as for general corporate purposes, including working capital, capital expenditures, as well as water and wastewater utility acquisitions.
  • Boenning & Scattergood served as a co-manager in the Offering.

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